This week’s top reads articles have a sharp focus on the realities of retiring. In the personal finance section, Bob Seawright discusses the importance of listening to our loved ones’ financial advice as we age, Jeff Bush shares how to transition mentally into the retirement phase of your life, and Roger Wohlner writes everything you need to know about collecting Social Security.

In the personal interest section, Alex Goryachev shares five key elements that businesses must synchronize in order to be innovative and Hayden Field provides four examples to demonstrate why it’s important for entrepreneurs to avoid cognitive bias when starting new businesses.

For more articles like this, check out Raghav’s two previous Top Reads posts here and here.

Personal Finance

Dear Future Me

In this article, Bob Seawright speaks to the importance of the message in Bob Dylan’s Forever Young for today’s baby boomers, who now make up a solid proportion of our senior population. Seawright discusses how as we age, we experience a decline in our cognitive abilities, but not in our confidence when it comes to financial decisions.

[S]eniors lose $37 billion to fraud annually. To put it starkly, the research shows that financial literacy declines by about 2 percent each year roughly after age 60.

The Dunning-Kruger Effect – which shows that people who are incompetent simply cannot comprehend just how incompetent they are – worsens with age, making us resistant to the advice that our loved ones try to share with us when we are in the throes of bad financial decisions. Seawright wrote this article for his family to show to him (or read it to him out loud), should he become stubborn as he ages and begins to experience cognitive decline.

Dear future me, as much as it may pain you, listen to your kids and the people who love you. Take their advice. Please.

Read the full article here.

Surprise, You Can Retire Now!

You’re a baby boomer. You’ve worked, saved diligently and have enough funds to retire, but you’re just not ready to transition into this new phase of your life mentally. If this sounds like you, you’re not alone! Financial adviser, Jeff Bush often encounters this situation with his clients who, on paper, are ready to retire.

It is a difficult transition into a different mindset and lifestyle, and a process that takes no less time and effort to execute properly than when one was saving money.

In this article, Bush shares tips on how to change your focus and make this transition smoothly.

Social Security and Working – What You Need to Know

If you’ve reached age 62, you are eligible to begin taking your Social Security. If you’re only semi-retired, however, there are some cons to collecting Social Security while still working. Financial writer, Roger Wohlner breaks down everything you need to know so that you can make an informed decision about when to start taking Social Security – whether you’re semi-retired or you’ve reached Full Retirement Age.

The decision when to take your Social Security benefit depends on many factors. If you are working or self-employed you will want to consider, the impact that your earned income will have on your benefit.

For the full article, click here.

Personal Interest

Free Employees to Tap into Their Inner Entrepreneurs

Is your business keeping up with technological innovation? In this article by Alex Goryachev, he discusses the crucial role of the communications department in allowing employees to “tap into their inner entrepreneurs,” to help steer the company toward innovation. Goryachev shares five key elements that must be synchronized for positive change, including connecting employees to the company strategy, transparently sharing opportunities and threats with your ecosystem, and building a community of innovators around inclusion and diversity. For the full five elements, click here.

The 4 Cognitive Biases Entrepreneurs Should Avoid

According to the Bureau of Labor Statistics, nearly 50% of all startups fail within the first five years. Hayden Field argues that one of the reasons for this is cognitive bias. Field explains why it’s so important for entrepreneurs to monitor their cognitive biases in order to avoid encountering blind spots. She informs readers in this article what they should be aware of when it comes to their own bias with four examples and exercises to help you stay ahead of the game. Read the full article here.



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